XRP Trade on May 27, 2019 19:17 from Marius: Tradervue User Stock Trades.

Gravatar

Shared by
Marius

 

Interesting follow through in the crypto space with daily EQ breaks. Noticeable bullish continuation after yesterdays highs. I was looking into relative strengths within the past 24 hours and XRPUSD seemed to pick up here. Noticeable daily EQ break with increasing volume. Behind the rest of them so risk to reward is better in my current risk tolerance / trading strategy.

My strategy involves constantly evaluating relative strengths (opportunities) and I would have traded LTC with its recent development. I did notice it hitting (2) 161.8% extension levels along with retracing. Edit : **IF price gets above this level (~122) this could be an interesting point. LTC/BTC chart is still following through. The difference with XRP is that, XRP is just starting to change the BTC correlation in favor of reversal strength. There is volume to back it up and we see the first target of the previous daily highs which a lot of the names have hit or are around. Despite what has been said about XRP and about its price movement I'm sticking to the chart and market psychology.

(more of a self note) : I'm not here to be right or wrong. It's the business of managing capital appreciation where the opportunity presents itself. And to mitigate losses while minimizing wasted opportunity costs. If the move fails and or lags then I've outlined the risk / loss but will continue to reassess and rotate capital/trading as the market develops.

  • RVOL (12h, 2.32)
  • Market Cap 18.27B
  • ATR (D, 0.0367)

BTCUSD Daily
image

LTC/USD Daily (Fib extension(s) 161.8%'s)
image

BTC/XRP Daily (relative strength)
image

Crypto Market Cap Total Weekly
image

XRPUSD Daily (note the increasing bull volume which could be a clue to see how far this can go with the buying)
image
12h timeframe for clarity
image

XRPUSD 4h (mid-term time frame swing)
image

Crypto Market pulling back further but not on high bear volume. Most names hit OS on the hourly, XRP did not get OS however it did pullback notably relatively to others. I think it has to do with its strength the other day almost getting OB on the hourly. Noting the hourly RSI uptrends and XRP still maintaining it. I've noticed BTC and similar where each pullback on the timeframe get further away from getting OS. This is normally a bullish characteristic but not sure in this case because it has been behind. Looking for a name in the space to buy on this hourly OS and test a strategy I've looked into before. (entering on hourly OS and then exiting on hourly OB in very loose terms)

BTCUSD hourly,
image

XRPUSD hourly,
image

Not sure if I'm creating more bias in my thesis here but wanted to check this out in a different perspective and figure out what other analysts and the market may be pricing with this name. Noting the weekly making a trend change and trying to confirm also with a descending triangle that broke bullish 2 weeks ago. It would make sense if this name was lagging because there could be a bigger move behind this if this is a strong technical pattern. With a daily EQ break and follow through this would confirm the weekly trend change. Too much assumptions here though, but can add more size in this trade seeing this.
image

XRPBTC weekly, longer term relative strength. HL + double bottom for reference.
image

Note : 05/29/19
Not too in tune w/ fundamentals but sensing a sort of negative sentiment here and there. Asking myself what does the chart show and what is the market psychology ? Definitely not in place as a leader but it has a notable market cap in the space.

XRPUSD 6h, (cup & handle development ?) BTC still range bound. Some names leading like BCH and LTC. Notable buying of the 1h OS. (strategy mentioned above could be of usefulness in the future if conditions are consistent)
image

XRPUSD D, Noting the size of this bounce since the low. It does seem stretched out and to expect a higher probable top out. Keeping an eye here and close tabs on the volume and price action in the current state. Also to keep tabs on the whole crypto market.
image

XRPUSD 24h, Cup & Handle development. ETH has completed its C&H and is leading, then BTC & LTC. Other alts have been outperforming as well. **When BTC is range bound and levels holding up the alt market can run. Similar to the stock world when the SPY's hold up, individual stocks can see notable movement and alpha correlation.
image
image

Trade Review
Exited all of position for a 4% move. Keeping things in a move to move state of trading here. It is a challenge to keep tabs on the leaders and different set-ups. Looking to trade ETH next seeing what was mentioned above. I also did like that a lot of names were able to get overbought or close since hitting oversold last night, XRP look to be in second place. However, I'm still looking into XRP's C&H break and will keep it in play and maybe enter on consolidation here as well. Taking profit here and starting on a clean slate with new entries and exit plans. I could have added to the position to average since my funds cleared but a cleaner slate leaves me with a more open mind re-evaluating. Also noting here to chart the numbers on Bitfinex because Coinbase seems to not chart further decimal spaces down and I didn't realize before entering the trade. I was able to get a better feel for the orderflow on the tape here as well.
image

Follow-up Trade / re-positioning here


Execution detail:

Date/time Symbol Side Price Position
2019-05-27 19:17:50 XRP buy $0.4394 long
2019-05-30 04:35:32 XRP sell $0.4575 0


Leave a comment about this trade!

You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes just a few seconds to sign up, and it's free!

View plans, Sign up for free, or Log in